Key numbers to know when filing your 2012 tax returns, according to the Internal Revenue Service:
PERSONAL EXEMPTION:
--Each personal or dependent exemption is worth $3,800.
STANDARD DEDUCTION:
--$11,900 for married couples filing a joint return, and qualifying widows and widowers
--$5,950 for singles and married individuals filing separate returns
--$8,700 for heads of household
--Taxpayers who are 65 or older or who are blind may be eligible for a higher standard deduction.
ALTERNATIVE MINIMUM TAX THRESHOLD:
--$78,750 for a married couple filing a joint return, and qualifying widows and widowers
--$50,600 for singles and heads of household
INCOME TAX BRACKETS:
--10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent
EARNED INCOME TAX CREDIT:
To qualify income can be no greater than:
--$45,060 ($50,270 married filing jointly) with three or more qualifying children
--$41,952 ($47,162 married filing jointly) with two qualifying children
--$36,920 ($42,130 married filing jointly) with one qualifying child
--$13,980 ($19,190 married filing jointly) with no qualifying children
Investment income cannot be more than $3,200 or less for the year.
Maximum credit:
--$5,891 with three or more qualifying children
--$5,236 with two qualifying children
--$3,169 with one qualifying child
--$475 with no qualifying children
CAPITAL GAINS:
--0 percent if taxpayer is in the 10 percent or 15 percent income tax brackets
--15 percent top rate if taxed in higher brackets
ESTATE TAX
--Taxed at a top rate of 35 percent in 2012, with the first $5.12 million in value exempted for individual estates and $10.24 million for family estates
IRA CONTRIBUTIONS:
--Traditional IRA contribution limit: $5,000
--Additional contribution if over 50: $1,000
DEFERRED RETIREMENT ACCOUNTS
-- 401(k), 403(b),: $17,000
--Additional contribution if 50 or older: $5,500
STANDARD MILEAGE RATES:
Business use
--55.5 cents a mile
Medical reasons or qualified move
--23 cents a mile
Charitable purposes
--14 cents a mile


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